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Namdia revenue at N$3 billion for 2022/2023

NAMIB Desert Diamonds (Namdia) has made N$3,1 billion in revenue during the 2022/2023 financial year, while the after-tax profit stands at N$409,2 million.

This is according to Namdia chief operations officer Uahoroka Kauta at a media engagement recently.

The diamond company, which is 100% owned by the government, also plans to create a downstream market footprint for Namibian diamonds.
The diamond mining industry contributes approximately 10% to the country’s gross domestic product (GDP) and employs 2% of the total population.

The company contributed N$232 million towards taxes and export levies to the government in the 2022/2023 financial year.
Namdia has remained profitable amid the Russia-Ukraine crisis and the United States economy’s high inflation.

The company has also taken note of some threats posed by the lab-grown diamond industry.

“Namdia’s sales strategy was initially direct sales, then the hybrid selling method, 60% direct sales, 40% competitive bidding, however, the company aims to have diamonds sold via a competitive bidding process, driven by continuous client enrollment, and preference to Namibian partly/owned companies,” said Namdia market development, sales and branding executive Lelly Usiku.

With regards to corporate responsibility, the main focus has been education, health and sport, and the company has invested over N$40 million in various impact programmes to date.

Through these programmes, Namdia has implemented an annual bursary scheme that sees the company paying tertiary fees for students studying locally and in southern Africa.

After a 10-year diamond sorting, valuing, sales and marketing agreement between the Namibian government and De Beers in May 2016 – lapsing in 2026, new negotiations are set to take place very soon.

“We would like at least a 50% or 75% purchase entitlement because we have the capacity to handle this,” said Namdia chief executive officer Alisa Amupolo.

Namdia has three subsidiaries: Namgem Diamond Manufacturing acquired in 2021, Namdia Foundation established in July 2019 as a non-profit association through which Namdia drives its corporate social responsibility initiatives, and Eumbo Property Investment (Pty) Ltd, which is a property investment and management company currently exploring the possibility of developing a world-class facility.
Namdia had declared N$150 million in dividends for the 2021/2022 financial year.

The dividend declaration for the 2022/2023 financial year will be announced at the upcoming launch of Namdia’s annual report.